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| WEDNESDAY 23RD MARCH 2005 |
 UNDER
OFFER LEVEL HIGHEST SINCE AUGUST
March has seen property prices remain flat in most areas although there
has been a spark of revival in the South East, according to TEAM, the
multi-listing network of independent estate agents.
Its latest national survey shows that nationwide the average price of
homes 'under offer' was £185,258 in mid-March compared with £184,620
in February, a rise of just 0.3%, recovering the same percentage fall
last month. On average, properties are now only 3.7% more expensive than
12 months ago, although there are significant regional variations.
The survey is based on data supplied by 558 offices of TEAM members in
16 regions across England and Wales. The number of homes listed as 'under
offer' in mid-March was 4,471 – the highest total since last August
and twice the number listed in January.
Monthly increases above 2% in Kent, North London, Surrey and Thames Valley
might be a one-off, but may also indicate a reversal of the downward
pressure on prices in the South East of England. Elsewhere, prices have
shown little movement. On an annual basis, South Wales remains the only
region with an increase above 10%.
Neil Parsons, newly appointed expansion director of TEAM Association
Ltd, and chairman of Anglia TEAM, commented: "These figures confirm
that stability has returned, with a modest 0.3% increase in prices achieved
overall."
"The lifting of the stamp duty threshold to £120,000 will help some
first time buyers in areas away from London. Easter is traditionally the starting
gate for the house-hunting season and prospects are looking much better than
just a few short weeks ago. Team Agents are confident that this is the start
of a good time for the housing market."
John Dennis, chairman of East Yorkshire TEAM, said: "Despite a slow
start to 2005, the market has picked up considerably with plenty of new
listings and sales in both February and March. In this area the raising
of the Stamp Duty threshold will definitely help our first time buyers,
who are a bit quiet and have been sitting on the fence for a few months.
Most first timers enter the market at less than £100k so there
is a direct saving available to them to the tune of around £1,000
right away."
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